Recently immersed in product iteration and trading operations, I rarely take the time to organize some accumulated thoughts. This time I want to discuss two topics I have been paying close attention to—airdrops and the KOL ecosystem, as these two areas directly impact the earnings and career paths of many participants.

**The Changing Landscape of Airdrops**

Since the second half of 2025, the market has sent very clear signals: rising interest in Perp, frequent IDOs, but the difficulty of airdrops has risen sharply. The era of small bets with big gains is over; now it’s about a comprehensive assessment of cognitive reserves, capital scale, and mental endurance.

This is not accidental but an inevitable stage of market evolution. Some still cling to the old methodology of checking in and刷TX for rewards—that’s living in a past illusion. VCs are already awake, project teams are adjusting strategies, and only some people have not kept up with the rhythm.

The upcoming game rules are only three words: Capital, Authenticity, Professionalism. This is the main direction, with no detours.

So stop prejudging Perp products, and don’t reject aggregation platforms. Even more, as long as policies permit, actively engage in the prediction track—these are currently the most active traffic carriers in the market. Lower unrealistic expectations, and use financial thinking rather than naive tactics to evaluate opportunities. The sooner you shift to the rhythm, the more comfortable your operational space will be later.

**The Reality of the KOL Ecosystem**

Small market fluctuations can turn into major crises for ordinary KOLs. If you only see KOLs as a label or farm tag, you will eventually be ruthlessly淘汰 by market cycles.

I’ve spoken with many mid-tier content creators, and their feelings are the same—their promotional collaborations have almost frozen this quarter. Opportunities to provide promotional funds are shrinking, and competition is intensifying. For creators relying on collaborations for income, the pressure is very real.